Paychex’s Post

As we approach the last quarter of the year, now is a great time to review the 2024 IRS payroll figures to ensure you and your employees are maximizing tax benefits and reaching your financial goals. Read on for a refresher of this year's figures. https://lnkd.in/guF72umJ

📣 Important Update: Payroll Tax Changes for the Next Year 📆 There are some changes in payroll tax rates, regulations, and compliance requirements that may affect your business. Here's what you need to know: 💰 Tax Rate Adjustments: Be aware of any changes in federal, state, and local tax rates. We'll help you navigate these changes to ensure accurate withholding. 👩⚖️Compliance Updates: Stay updated on the latest payroll tax compliance requirements. We'll keep you informed on any new regulations and ensure your business remains in full compliance. ✍️Record Keeping: Proper record-keeping is essential. We'll help you streamline your payroll processes to maintain accurate records. 🌟Employee Benefits: Changes in healthcare, retirement plans, and other employee benefits may impact payroll. We'll work with you to adapt your payroll processes accordingly. 💵 Tax Reporting: Accurate and timely tax reporting is crucial. We'll ensure your payroll tax forms are filed correctly and on time. Rest assured, we're here to guide you through these changes and make the transition as smooth as possible. If you have any questions or concerns, please don't hesitate to reach out to our team. Your peace of mind and financial security are our top priorities. Stay tuned for more updates and helpful resources to keep your business on the right track. We've got your back! 🗒️ Learn about our services: https://lnkd.in/g4pFMgwz ☎️ Call to book an appointment: (303)746-4573 #PayrollTaxUpdates #ComplianceMatters #AllIsAccountedFor #FinancialAdvisors

🌐 Stay Ahead of 2025 US Tax Code Updates! 🌐 As we dive into 2025, it’s essential for businesses to stay updated on new tax code changes impacting payroll, deductions, and employee benefits. From adjusted income tax brackets to increased contribution limits for retirement and healthcare accounts, these changes can influence your payroll processes and compliance efforts. Here are some highlights: 🔹 Federal Income Tax Brackets: Adjusted for inflation to prevent "bracket creep" and maintain fair tax burdens. 🔹 Higher Standard Deduction: Reduces taxable income for single, married, and head-of-household filers. 🔹 Retirement & Healthcare Contribution Limits: Increased limits on 401(k), IRAs, HSAs, and FSAs empower employees to save more. 🔹 Payroll Updates: Changes to Social Security wage bases, FUTA, and expanded electronic filing requirements nationwide. 🔹 Minimum Wage Increases: Employers should verify state-specific wage adjustments. 📢 At Niural, we’re committed to helping businesses navigate these updates with ease. Our AI SuperAgents continuously monitor and account for employment law and tax code changes, automatically keeping U.S. and international companies compliant so they can go about business as usual. Check out our latest blog post for a full breakdown of these 2025 changes and practical steps to ensure a smooth payroll transition. Stay compliant, support your workforce, and plan for success in 2025! #TaxUpdates #PayrollCompliance #EmployeeBenefits #Niural

📊 Payroll Tax Essentials: Key Rates and Compliance Tips 📊 Discover the essentials of the federal payroll tax rate, including FICA, FUTA, and calculation methods, to keep your business compliant and efficient. Don’t let complex calculations slow you down—learn how to stay on top of payroll taxes with ease. 👇 Read the full guide #PayrollTax #NoticeResolution #NOTICENINJA https://hubs.la/Q02YcbMr0

Does Payroll GRIND YOUR GEARS ⚙? Don't let deadlines, tax code issues, auto enrolment pensions, miscalculations and juggling your time grind your gears Payroll is very much a necessity, but done wrong it can lead to disgruntled employees, HMRC penalties, investigations and more stress for you! This week's #taxtipstuesday is simple Outsource your payroll and do away with the headache. Outsourcing to a trusty reputable 5 Star (check out the Google reviews for yourself) service provider will ensure: 🚲 You are compliant in all areas in an ever evolving, complex area of compliance 🚲 You are paying your staff accurately 🚲 Yours and your employees' data is handled securely 🚲 You can WORK ON your business rather than WORK IN your business ultimately saving you time AND MONEY Not only that, but partnering with a Payroll Bureau owned and run by a chartered accountant can also help you become more tax efficient in the way you take salary out of your business. This is especially important now as the Dividend/Salary equation has got all that more complicated when taking into account 25% corporation tax and the reduction in NIs. As we near the end of the payroll year here's a few things to make sure you have done if you do insist on doing the payroll yourself 🚴🏼♂️ Have all directors made use of their personal allowances? 🚴🏼♂️ Have all directors taken the most tax efficient salary? 🚴♂️ Have you dealt with Benefit in Kind and prepared the P11d forms? 🚴♂️ Have you correctly claimed/not claimed the Employment Allowance? There is so much more you need to be aware of. If you are thinking of outsourcing your payroll now is the time to do it. The new tax year is THE time for a smooth transition. If you're ready to make the switch contact us today to learn more about how we can help alleviate your payroll headache and support your business If you've learned something new today or you've heard a tax tip from a dodgy source and want some clarity please let me know in the comments! Of course, I’ve been purposely brief. Any questions or for more advice speak to an accountant 👨🏻💼 #TaxTipsTuesday #Payroll #Outsourcing #Efficiency #Compliance #TheCyclingAccountant -------------------------------------------- 👋 My name is Ben Rose 🚴♀️ The Cycling Accountant ⚙ Helping YOUR Business keep its wheels spinning If you liked this post and want to see more Ring that 🔔 on my profile Follow #TheCyclingAccountant and #TaxTipsTuesday And of course, ➕ Connect with me

Day 7: Payroll Tax Breaking Down Payroll Tax 🧾💼 🌟 Welcome back, LinkedIn Family! 🌟 Today, we're focusing on Payroll Tax, an essential part of the employment landscape that affects both employers and employees. Understanding payroll taxes is crucial for compliance and financial planning. Let’s break it down! 💡 👉 What is Payroll Tax? Payroll Tax is a tax that employers withhold from employees' wages and pay on behalf of their employees. It consists of various components, including federal income tax, Social Security tax, and Medicare tax. 👉 Components of Payroll Tax 1. Federal Income Tax: Withheld based on the employee's earnings and the information provided on their W-4 form. 2. Social Security Tax: A portion of the FICA (Federal Insurance Contributions Act) tax. The rate is 6.2% for both the employer and employee, up to a wage base limit ($160,200 for 2023). 3. Medicare Tax: Another part of FICA. The rate is 1.45% for both the employer and employee, with no wage base limit. Employees earning over $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9%. 4. State and Local Taxes: Vary by state and locality, often including state income tax and unemployment insurance. 👉 Employer Responsibilities Employers are responsible for: - Withholding: Calculating and withholding the correct amount of payroll tax from employees' wages. - Matching Contributions: Matching employees' contributions to Social Security and Medicare. - Depositing Taxes: Depositing the withheld taxes and employer contributions with the IRS and state authorities. - Reporting: Filing payroll tax returns, such as Form 941 (Employer’s Quarterly Federal Tax Return). 💡 Tip of the Day: Use payroll software or a professional payroll service to ensure accuracy and compliance. It can save time and reduce the risk of errors. Understanding payroll tax is vital for both employers and employees to ensure compliance and effective financial planning. Tomorrow, we’ll explore Self-Employment Tax and its unique challenges. Stay tuned! 🚀 #PayrollTax #Employment #TaxPlanning #FinancialLiteracy #BusinessTax #21DayTaxChallenge #LinkedInFamily

In the Weeds... Navigating Section 125 Savings with Transparency When considering employee benefits, Section 125 plans present a unique opportunity for savings on payroll taxes. Yet, navigating these waters reveals a concerning practice among some Professional Employer Organizations (PEOs) — the retention of Section 125 savings as hidden costs, often unbeknownst to employers. What is Section 125 Savings? Section 125 allows employees to convert a taxable cash benefit (like a salary) into non-taxable benefits. While employees save on income taxes, employers can save significantly on payroll taxes. However, not all PEOs pass these savings back to the employer — where they rightfully belong. 👉 At TriNet, integrity and transparency are at the heart of what we do. We believe in giving Section 125 savings back to the employers. This approach not only enhances your bottom line but also reflects our commitment to your business's success and financial health. As you approach your PEO contract renewal, I encourage you to delve deeper into how your current provider handles Section 125 savings. Are you benefiting from these potential savings, or are they being absorbed as hidden costs? When inquiring about how your current PEO handles Section 125 savings, it’s essential to ask clear and direct questions to understand their practices and ensure transparency. 1. Can you explain how Section 125 savings are calculated within our agreement? 2. Do you pass Section 125 payroll tax savings back to us, the employer? If so, how is this reflected in our billing or financial statements? Let's start a conversation on how a partnership with TriNet can bring these savings back to your business, supporting your growth and financial efficiency. Remember, knowledge is power, especially when it comes to choosing the right PEO partner. #PEO #Section125 #EmployeeBenefits #PayrollSavings #TransparencyInBusiness #TriNet #RenewalSeason #ActWithIntegrity

🌟 A Complete Guide to USA Payroll Taxes 🇺🇸: Simplify Your Business Finances! 💼 Navigating payroll taxes in the USA can feel overwhelming, but with the right knowledge, it doesn’t have to be! ✅ Our latest blog post covers everything you need to know about: 🔹 Federal, state, and local payroll taxes. 🔹 Key compliance tips to avoid penalties. 🔹 Best practices for efficient payroll management. Whether you’re a small business owner 🏢, HR professional 👩💻, or accountant 🧾, this guide is your go-to resource for mastering payroll taxes and keeping your business running smoothly. 🚀 💡 Check out the full article here: https://lnkd.in/euX6vcUd 👉 Have tips or challenges with payroll taxes? Share them in the comments below! #Payroll #Taxes #BusinessTips #HRManagement #Shifton #USABusiness

Confused about all the deductions on your paycheck? Here is what these deductions mean in plain english

Are payroll taxes cutting into your profits? An S-Corp lets you split income into salary and distributions, reducing payroll taxes. Learn smart strategies to enhance your earnings: https://lnkd.in/gpgrsuKT